SECTION 1. Chapter 34B of the general laws is hereby amended in section 8 by striking paragraph (g) and inserting in place thereof the following:

(G) Notwithstanding the provisions of any general or special law to the contrary, the comptroller of the commonwealth shall deposit all funds collected pursuant to this section as follows: until such time as any regional retirement system transfer deficit is paid in full, all monies collected shall be paid to the regional retirement system; thereafter all funds so collected shall be paid to the commonwealth pension liability fund until all unfunded pension liability transferred to the commonwealth pursuant to this act is retired; thereafter all funds so collected shall be deposited in the local aid fund. Notwithstanding the provisions of any general or special law to the contrary, if, after the consideration of assets and liabilities, a county that was abolished on or after June 30, 1998 does not have sufficient net liabilities to create a payment stream that will retire the regional retirement system transfer deficit, the comptroller of the commonwealth is hereby authorized and directed to pay an amount equal to the difference that will be paid and the amount owed from any cash on hand that the county had at the time of its abolition; provided however that if such funds are no longer available, the regional retirement system may apply the amount of the regional retirement transfer deficit against any charges made, pursuant to chapter 32 section 3(8)(c), by state retirement system; provided however, that if a regional retirement system is to seek an offset of charges made pursuant to chapter 32 section 3 (8)(c) it must provide to the Public Employee Retirement Administration Commission, the House and Senate Committee on Ways and Means and an independent actuary the assumptions used to determine the regional retirement system transfer deficit and any documents, notes or other correspondence related to said calculation; said independent actuary shall be selected by the Public Employee Retirement Administration Commission from lists provided by the Speaker of the House and President of the Senate, any regional system that wishes to take advantage of this provision shall pay the independent actuary, in advance, for review its assumptions.  If the independent actuary finds a significant discrepancy in the calculation of the regional retirement transfer deficit, the regional retirement system shall not be eligible for credit under this provision.

The proceeds from the subsequent sale, occurring on or after January 1, 2002, by the commonwealth of any real property transferred from a county to the commonwealth pursuant to this chapter shall be deposited in the commonwealth pension liability fund without further appropriation.  Any such deposit shall be in addition to the annual appropriation made to that fund.